EU bank to invest USD 15 mln in Egypt fund
(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Sept 11 (KUNA) -- The European Investment Bank (EIB) has signed an agreement to invest USD 15 million in Egypt Mid-Cap, a private fund targeting investments in small and medium-sized private companies located in Egypt.
The fund has attracted USD 85 million of commitments, including USD 70 million from other international and local co-investors, said the Luxembourg-based EIB in a press release.
This is the first EIB operation signed in Egypt under the EU's Risk Capital Facility for the Southern Neighbourhood Countries and the first investment in an Egyptian fund since 2011.
The fund investments are expected to create between 1200 to 1600 direct new jobs.
The EIB Risk Capital Facility has been developed jointly by the European Commission and several European Financial Institutions to help micro, small and medium-sized businesses in the southern and eastern Mediterranean region to become more competitive and grow.
The EIB is the European Union's bank representing the interests of the EU member states. (end) nk.sd
The fund has attracted USD 85 million of commitments, including USD 70 million from other international and local co-investors, said the Luxembourg-based EIB in a press release.
This is the first EIB operation signed in Egypt under the EU's Risk Capital Facility for the Southern Neighbourhood Countries and the first investment in an Egyptian fund since 2011.
The fund investments are expected to create between 1200 to 1600 direct new jobs.
The EIB Risk Capital Facility has been developed jointly by the European Commission and several European Financial Institutions to help micro, small and medium-sized businesses in the southern and eastern Mediterranean region to become more competitive and grow.
The EIB is the European Union's bank representing the interests of the EU member states. (end) nk.sd
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